A couple of days ago, we talked about how to view this wave of U.S. stock adjustments: the key is to see it as a small-scale valuation correction in the market, rather than a massive overall crash (like a bubble bursting kind of crash). Previously, I shared my personal framework for understanding stock market adjustments: 'Valuation correction, performance correction, logic correction.' 1) Valuation correction is about adjusting stock prices inflated by valuation expansion to a relatively reasonable level. 2) Performance correction happens when actual performance falls short of expectations, or even results in major negative surprises, where fundamentals can no longer support the stock price. 3) Logic correction is the most critical—it refers to the breakdown of a company or industry’s core investment logic, such as major policy changes, failure of technical routes, or unsustainable business models. It’s pretty clear that most stocks are currently in the valuation correction phase. A small number of stocks are experiencing performance corrections due to underwhelming results or guidance, but logic correction still seems far off. At the beginning of the year, I shared my personal definition of adjustment levels here: https://(x.com)/qinbafrank/status/1895270832156614924?s=46&t=k6rimWsEbo2D2tXolYcM-A.